Strong year end for Ottawa real estate: OREB

Real estate agents in the city sold 640 properties in December, 31 more than in the same month a year earlier and three units above the five-year average, the Ottawa Real Estate board said Wednesday.

Overall numbers for the year were up slightly, with the 13,928 homes sold in 2014 representing a 0.4 per cent increase over the year before. Agents sold 2.4 per cent more residential units, but that gain was largely offset by a 7.2 per cent decline in sales of condominiums.

The December numbers included 496 residences and 144 condominiums. The average residence price last month was $367,286, down 0.7 per cent from December 2013. The average condo price increased to $270,236, a 10.1 per cent hike over the same month a year earlier.

The average price of all residential properties, including condos, for the year was $361,712, up 1.2 per cent over 2013.

Listing inventory was also higher all year, according to OREB’s new president, David Oikle.

“Condo units for sale increased as high as 23 per cent in February and March over the previous year, but settled back down to 2013 levels by the end of December,” Mr. Oikle said in a statement. “Increased inventory levels contributed to the market favouring buyers for much of the year.”

The price range with the most sales for the year – 18.8 per cent – was between $300,000 and $349,999. The $350,000 to $499,999 range accounted for 12.5 per cent of the year’s sales, and 11.6 per cent of the sales came in the $500,000 to $749,999 range.

“All three of these price range property concentrations are very similar to the ranges from 2013,” Mr. Oikle said.